Shaw Communications Inc. announced net income of $24.8 million, or $0.06 per share, for its third fiscal quarter ended May 31, versus a net loss of $13 million ($0.10) in the year-earlier period.
Net income for the first nine months of the company’s fiscal year was $62 million, or $0.14 per share, versus a net loss of $51.2 million ($0.35) in the previous-year period.
Shaw also posted strong customer gains during a historically tough quarter: 2,910 in basic cable, 19,173 in high-speed-data, 16,762 in digital cable and 12,344 in direct-to-home satellite TV.
“Our cable division and, therefore, Shaw Communications Inc., is entering a period of transition driven by major changes in the marketplace," CEO Jim Shaw said in a prepared statement.
“Increased video competition is on our doorstep, so we are accelerating our marketing efforts, fortifying our strong customer relationships through initiatives such as same-day, next-day service and enhancing the attractiveness of Shaw's products with new offerings such as voice-over-IP [Internet protocol],” he added.
Shaw continued, “This investment in marketing, customer service and product innovation may put some downward pressure on our rate of growth in cable in the short term. However, we believe this aggressive activity and the ‘triple-play’ offering of voice, video and data will position Shaw for growth in the near future.”